Villas at Logan Gardens App

8/6/2019 Villas at Logan Gardens App

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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: The Villas at Logan Gardens

dress: 190 Booker Street, SW

ty: Concord County: Cabarrus Zip:

ensus Tract: 421 Block Group: 5

project in Qualified Census Tract or Difficult to Develop Area? No

olitical Jurisdiction: City of Concord

risdiction CEO Name:First:J. Scott Last:Padgett

Title: Mayor

risdiction Address: 26 Union Blvd. S.

risdiction City: Concord Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? Yes

es a community revitalization plan exist? Yes

ll the project use steel and concrete construction and have at least 4 stories? No

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(3qdyafj2v...6EDEF49E7F&SNID=B29E27158A894AE088CA51D5C0E821F0 (1 of 30)9/15/2008 3:27:09 PM

28025

28025

(704)920-5215

35.40105

-80.58042


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If yes, please describe:

rget Population:Elderly (55)

ll the project be receiving project based federal rental assistance? Yes

If yes, provide the subsidy source: HUD and number of units:

icate below any additional targeting for special populations proposed for this project:

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)

Number of Units:

Persons with disabilities or homeless populations: 10% of the total units.

Number of Units:

Remarks: We are targeting 5 of the units for persons with disabilities as required by QAP Section IV(F)(4).We are targeting 5% or 3 units for ADA and 5% or 3 units to comply with QAP Section IV(F)(3) for mobilityimpaired accessible units (curbless showers). In addition, 2% of the units will be equipped to serve personswith sight and/or hearing impairments per Appendix B of the 2008 QAP.


44

6

5


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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

come part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Douglas NC, LLC

dress: PO Box 160 / 709 N. Main Street

ty: Aynor State: SC Zip:

ontact: First: David Last:Douglas Title:Member

lephone:

Phone:

x:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


29511

(919)741-9328

(843)358-1052

(919)662-0124

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

The total buildable acreage is approximately 3 acres. The Logan Community Center and Logan Daycareare located on the same parcel. The 4.26 acre-parcel is owned by the City of Concord, who is a partner inthe development. The City is "donating" this land by providing a 50-year lease at $50/year. The Villas willprovide replacement housing for Concord's seniors in the Logan/Chapman public housing community.These seniors will be relocated to The Villas upon completion, therefore, we request that this project bedesignated a Public Housing Redevelopment(PHR)project.

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?NoIf yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


9/5/2008

10


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oning

esent zoning classification of the site:RC Residential Compact

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obta

them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Logan Gardens, LLC

dress: PO Box 160 / 709 N. Main Street

y: Aynor State:SC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: Already Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: Logan Gardens Managing Member, LLC

st Name: David Last Name: Douglas Function: Managing Memberddress: P.O. Box 160/ 709 N. Main Street

ty: Aynor State: SC Zip: 29511

one: Fax:

Mail: Nonprofit: No

Org: Douglas NC, LLC

st Name: David Last Name: Douglas Function: Principal

ddress: P.O. Box 160/ 709 N. Main Street


one: Fax:

Mail: Nonprofit: No

Org: Halcon Development, LLC

st Name: Traci Last Name: Dusenbury Function: Principal

ddress: 1403-305 Pitching Wedge Drive

ty: Raleigh State: NC Zip: 27603

one: Fax:

Mail: Nonprofit: No

Org: Hart Development, LLC

st Name: Doug Last Name: Hart Function: Principal

ddress: P.O. Box 160/ 709 N. Main Street


one: Fax:


29511

26-2405133

(843)358-1052 (843)358-1069

[email protected]

(843)358-1052 (843)358-1069

[email protected]

(919)662-0122 (919)662-0124

[email protected]

(843)358-1052 (843)358-1069


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Mail: Nonprofit: No

Org: DuPree Development, LLC

st Name: Frank Last Name: DuPree Function: Principal

ddress: 201 E McBee Avenue, Third Floor, Suite 300-B

ty: Greenville State: SC Zip: 29601

one: Fax:

Mail: Nonprofit: No


[email protected]

(864)404-3500 (864)404-3502

[email protected]


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oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

tal Net Sq. Ft. (All Heated Areas):

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(3qdyafj2...EDEF49E7F&SNID=B29E27158A894AE088CA51D5C0E821F0 (11 of 30)9/15/2008 3:27:09 PM

1 2

2,016

2

53,526

48,229
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to cother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

BRs Units %

targeted at percent of median income affordable to/occupied by






tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


7 30

10 50

15 60

4 30

2 50

6 60

44


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:City of Concord

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt serbelow.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

timated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))

ermanent Loan commitment from Alliant Capital LTD.


1,018,513 7.50 20 30 85,459

340,086 2.00 30 30

333,469 0 30 30 0

3,125,273

4,817,341

82


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quity commitment from Alliant Capital LTD.ty of Concord-HOME loan commitment-approved.

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

ocal Gov. Loan - City of Concord

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


178 1301 2401 3474 4516 5524 6496 7425 8310 9145

9926 10648 11307 11896 12410 12843 13189 13442 13594 13637


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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 3% lines 2-9, Rehabs 6%)

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording


350,000 262,500

2,708,200 2,708,200

183,492 183,492

64,834 64,834

194,502 194,502

105,031 105,031

74,700 74,700

15,000 15,000

25,000 25,000

3,720,759

14,000 9,800

44,387 44,387

122,894 122,894

4,000 2,800

78,000 78,000

10,000 10,000

4,500 4,500

10,000 10,000

4,700 4,700

10,263


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30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41

42

43 Rent-up Expense

44

45


46 Rent up Reserve

47 Operating Reserve

48

49

50 DEVELOPMENT COST (lines 1-49)

51 Less Federal Financing

52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit

55 TOTAL ELIGIBLE BASIS

56 Applicable Fraction (percentage of LI Units)

57 Basis Before Boost

58 Boost for QCT/DDA (if applicable, enter 130%)

59 TOTAL QUALIFIED BASIS


302,744

0 0

40,000 40,000

2,200

26,906

12,000 12,000

5,000

1,000

30,800

117,906

50,000 50,000

462,000 462,000

Other

Permits (building, etc.)

19,800

Other Non-basis Expen

Other Non-basis Expen 5,000

536,800

13,200

125,922

Other Reserve (specify)

Other Reserve (specify)

4,817,331 0 4,484,340

0

4,484,340 0 4,484,340

100.00% 100% 100%

4,484,340 0 4,484,340

100.00% 100.00%

4,484,340 0 4,484,340


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Line #64-Land is owned by the City of Concord and they have approved a ground lease for 50 years at $50/year. Therefore, the land qualifies as "donated" land. See Exhibit O of the application.Line #45-Off site costs include the relocation of the Memorial to the former Logan High School, which iscurrently on the property. We will work with the City to move it closer to Rone Avenue.Line#44-We have budgeted for a transportation van to serve the residents of The Villas. We havecommitments from local human service agencies and want to be able to transport seniors to activities andservices which will enrich the lives of the seniors through participation in educational, health, cultural andsocial opportunities.

Total Replacement Cost per unit:81,956


3.40 8.50

381,169 0 381,169

403,591 0 403,591

0

10

4,817,341

403,591


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arket Study Information

ase provide a detailed description of the proposed project:

e are proposing to build a 44-unit senior independent living apartment community. There will be only onesidential building with a community room, craft room, computer area, TV areas, library and exercise room.cording to local real estate professionals there is a great need for this type of rental housing for seniors.e site is located in close proximity to shopping, medical and services. Concord is growing very rapidlyd there is new commercial and residential development taking place.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

The building will have a sprinkler system and will have pull system emergency alarms throughout thebuilding for added safety of our senior residents.

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

overed entry, laundry room, online computer stations, community room/craft room, library, andmfortable sitting areas for the seniors to meet and relax. The building features a center outdoor courtyardthe residents' enjoyment which will include benches.

site Activities:

ere will be a walking trail, TV room, gazebo/arbor, picnic area w/tables/grills, vending area, communityom with kitchen/craft room, storage space for residents, and a library with 2 computer stations wired forgh-speed internet service. We will work closely with local human service agencies to provide educational,cial and health preservation programs for the seniors living at Logan Gardens.

ndscaping Plans:



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ur landscaping plan will be creative as we hope to incorporate many different kinds of evergreens andciduous species trees and shrubbery around the buildings and in the center courtyard area. Specificwering type trees will also be utilized to accent color beauty, and texture, as will colorful perennials andcent flower beds. Overall the landscaping plan will facilitate picnicking and leisurely strolls around thevelopment.

erior Apartment Amenities:

anges, range hoods, dishwashers, refrigerators (frost-free), interior storage areas, mini-blinds, pantry,

iling fans, walk in closets, carpet and washers and dryers hook-ups. The building will have a sprinklerstem and will have pull system emergency alarms throughout the building for added safety of our seniorsidents.

you plan to submit additional market data (market study, etc.) that you want considered? Yes

If yes, please make sure to include the additional information in your pre-application packet.



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

ost of the homes surrounding the site are modest one and two-story versions of the traditional Piedmont

ousing types. There are several historic homes on Corban Avenue, Young Avenue, and Tournament Driveading up to Booker Drive. There is also Caldwell Park, owned by the City and encompassing 24 acresery close to the site. Directly adjacent to the site is a relatively new Logan Daycare center, and they have acation in front of our building on Booker Street. The Logan Multi-Purpose Center is also located on thete. This Center is owned and staffed by the City of Concord and provides activities for seniors andctivities for the community in general. This entire area is being revitalized according to a neighborhoodan prepared by the City of Concord with tremendous neighborhood and stakeholder input. They adoptedis neighborhood plan in 2003 and have been actively investing in improvements throughout the 682-acre

ommunity. The City has spent $3,126,877.84 since 2004 and currently has committed additional funds ine amount of $600,000. The City Code Enforcement officers have also actively been trying to improve therea. See the Revitalization Plan section for more information on activity in this area to-date. The City hasurchased 35 parcels that they plan to clean up and construct new single-family and townhome housing.he City is currently working to redevelop a 21-acre tract where the existing Logan/Chapman public

ousing community is situated with mixed-income, mixed housing choice development. This should benderway in 2009. Furthermore, the community citizens, themselves, have become partners in thesevitalization efforts and they are actively participating in community meetings and programs to enhance the

ogan Community.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The surrounding neighborhood is well balanced and the proposedlas at Logan Gardens will fit in nicely. Single-family homes comprise sixty-five (65%) of the dwellings. On

her side of the proposed site is a very nice, 5 Star, privately operated daycare center, and the Loganommunity Center, owned and staffed by the City of Concord. There are a few duplexes scattered in theighborhood and 106 units of public housing are close by in the City's Logan/Chapman community. This is

e area where the next phase of the City's Revitalization Plan will take place. After three failed attempts tocure HUD HOPE VI financing, the City is currently developing a Demolition Application to HUD that willow them to demolish this housing and redevelop the area with a mix of housing choices using a variety ofy and private financing. The planned redevelopment will take place over three phases to minimizesplacement of public housing residents.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The road serving the site is adequate for the traffic flow that will be

nerated. Several high traffic corridors provide easy access to Booker Drive. They are Lincoln, Georgia,hestnut, Tournament, and Young. There are city bus stops along Lincoln, Corban, and Spring Streets, closethe complex. The plan currently shows an entrance on Rone Street, which is primarily for Fire Departmentcess to the property. The primary entrance will be off Booker Street.



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egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are no on-site negative features or barriers that the developer or owner (the City) are aware of.

milarity of scale and aesthetics/architecture between project and surroundings.

he Villas at Logan Gardens will be very aesthetically pleasing and will provide much needed investment inogan Community. Since a daycare center and a community center are adjacent on either side of the site, itll be a perfect fit. The City is spearheading this effort for the construction of our senior complex and well work closely with them to make sure the complex is aesthetically compatible to the planneddevelopment on the public housing property.

r each applicable neighborhood feature, enter distance from project in miles.

Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

e City of Concord is a partner in this application. The Citys Housing Authority is planning to become aneral partner in this development. The City is currently building a $350,000 Technology Center within alf-mile of the site. Our residents will be able to access all of the services there. A Family Self Sufficiencyogram will be provided to residents who are eligible and interested. Residents can have help getting newlls and getting placed in part-time jobs or full-time jobs, if theyd like. Residents will also be provideddgeting and credit counseling, if needed. We have also received commitments from at least 10 localman service agencies that are interested in providing service linkages to our residents. Logan Resource

enter (Family Medicine) is located on the property adjacent to the Logan/Chapman community, which isss than a quarter mile from our property.


.1

4 2.7

5 1.0

.25

8

2

0

5

0

7


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Vista Capital Management Group, Inc.

ddress: 201 E. McBee Ave. , Third Floor, Suite 300-B

ty: Greenville State: SC Zip:

one Email:

ontact Name: First: Wayne Last: Redding

chitect

ompany: Humphreys & Partners Architects, L.P.

dress: 8929 J. M. Keynes Drive, Suite 355

ty: Charlotte State: SC Zip:

one Email:

ontact Name: First: Sarmad Last: Fahmi

orney

ompany: Blanco Tackabery

dress: 110 S. Stratford Rd., Suite 500

ty: Winston Salem State: NC Zip:

one Email:

ontact Name: First: Carolyn Last: Scogin

estor

ompany: Alliant Capital, LTD.

dress: 340 Royal Poinciana Way, Suite 305

ty: Palm Beach State: FL Zip:

one Email:

ontact Name: First: Becker Last: Bass

nsultant/Application Preparer (if different from developer)

ompany: Halcon Properties & Consulting, LLC

dress: 1403-305 Pitching Wedge Drive

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Traci Last: Dusenbury


29601

(864)404-3500 [email protected]

28262


27104


33480


27603



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neral Contractor Identity of Interest?

ompany: Progress Builders, LLC

dress: PO BOX 160 / 709 N. Main Street

ty: Aynor State: SC Zip:

one Email:

ontact Name: First: Michael Last: Allard


29511



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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


800

1,500

18,000

29,000

2,500

2,500

computer center/high sp1,200

55,500

7,500

11,700

11,700

30,900

800

3,000

3,000

3,300


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Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


900

3,950

900

3,000

2,500

150

250

land lease50

21,800

28,707

3,500

9,500

2,000

43,707

2,300

1,000

3,300

11,000

11,000


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TOTAL OPERATING EXPENSES

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *

TOTAL UNITS

(from total units in the Unit Mix section)

PER UNIT PER YEAR


166,207

123,200

44

2,800


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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".



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inimum Set-Asides

NIMUM REQUIRED SET ASIDES (No Points Awarded):

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NCredit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NCredit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30county median income.At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below percent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of comedian income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty pe(40%) of county median income.

Tax Exempt BondsThreshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) of county median income.At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.

Eligible for targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.



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rint - APP08-0054

ull Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

I Documentation from utility company or local PHA to support estimated utility costs

J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)

L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.

O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Villas at Logan Gardens App

Documents

Transcript of Villas at Logan Gardens App